Market Performance - Hang Seng Index (HSI) rose by 62 points or 0.25%, closing at 24,969 points[1] - Shanghai Composite Index increased by 18 points or 0.5%, closing at 3,665 points[1] - S&P 500 gained 72 points or 1.1%, closing at 6,445 points, reaching a new high[2] Economic Indicators - US inflation rate for July remained stable at 2.7%, boosting market expectations for a rate cut in September[2] - People's Bank of China conducted a 7-day reverse repo operation of 114.6 billion yuan at a steady rate of 1.4%[1] Corporate Earnings - China Unicom reported a net profit of 14.484 billion yuan, up 5% year-on-year[5] - China Evergrande received a letter from the stock exchange regarding its failure to meet resumption requirements, leading to delisting[4] - China Resources Land achieved total contract sales of approximately 13.3 billion yuan in July, a year-on-year decrease of 14.2%[3] Currency and Trade - Hong Kong dollar weakened, reaching 7.85 HKD per USD, prompting the Monetary Authority to buy 7.065 billion HKD[2] - US government recorded a budget deficit of 291 billion USD in July, an increase of 47 billion USD compared to last year[3]

Market Performance - Hang Seng Index rose by 47 points or 0.2%, closing at 24,906 points[1] - Shanghai Composite Index fell by 4 points or 0.1%, closing at 3,635 points[1] - Total market turnover in Hong Kong was 200.9 billion HKD[1] Economic Indicators - China's July inflation remained flat year-on-year, while the Producer Price Index dropped by 3.6% year-on-year[1] - The People's Bank of China conducted a 122 billion CNY reverse repurchase operation at a steady rate of 1.4%[1] U.S. Market Trends - Dow Jones Industrial Average decreased by 200 points or 0.5%, closing at 43,975 points[2] - S&P 500 Index fell by 16 points or 0.3%, closing at 6,373 points[2] - Nasdaq Composite dropped by 64 points or 0.3%, closing at 21,385 points[2] Corporate Earnings - Kang Shifu Holdings reported revenue of 40.092 billion CNY, a year-on-year decline of 2.7%, with net profit increasing by 20.5% to 2.271 billion CNY[3] - Yue Yuen Industrial reported revenue of 4.06 billion USD, a year-on-year increase of 1.1%, with net profit decreasing by 7.2% to 171 million USD[3] - Kingdee International reported revenue of 3.192 billion CNY, an increase of 11.2% year-on-year, with a narrowed loss of 977.4 million CNY[4]

Group 1: Stock Market Performance - Hang Seng Index dropped 222 points or 0.9% to close at 24,858 after four consecutive days of gains; China Enterprises Index fell 86 points or 1%, closing at 8,895; Hang Seng Tech Index declined 86 points or 1.6%, ending at 5,460. Total turnover of the market was HK$206.72 billion, and the net inflow of southbound capital was HK$6.271 billion [1] - Shanghai Composite Index fell 4 points or 0.1% to 3,635, with a turnover of RMB713.6 billion; Shenzhen Component Index dropped 29 points or 0.3% to 11,128, with a turnover of RMB996.7 billion; ChiNext Index declined 8 points or 0.4% to 2,333, with a turnover of RMB500.3 billion [1] - US stocks rose on Friday. The Nasdaq Composite Index rose 207 points or 1% to a record closing high of 21,450; the Dow Jones Industrial Average rose 206 points or 0.5% to 44,175; the S&P 500 Index rose 49 points or 0.8% to 6,389 [2] Group 2: Policy and Exchange Rate - The People's Bank of China conducted 7 - day reverse repurchase operations worth RMB122 billion at an unchanged rate of 1.4% on the 8th, with RMB126 billion of reverse repurchases maturing, resulting in a net回笼 of RMB4 billion. The central parity rate of the RMB against the US dollar was lowered by 37 points to 7.1382 [1] - On the 8th, the CFETS RMB exchange - rate index fell 0.90 week - on - week to 96.04; the BIS currency basket RMB exchange - rate index dropped 1.05 to 101.76; the SDR currency basket RMB exchange - rate index also declined 0.78 to 90.82 [2] Group 3: Company - Specific News - NVIDIA (NVDA.US) and AMD (AMD.US) agreed to pay 15% of their sales revenue from Chinese chips to the US government as a condition for obtaining export licenses to China. The US Commerce Department issued an export license for NVIDIA's H20 chips to China last week [2] - The WeChat public account "Yuyuantan Tian" under CCTV discussed the "backdoor" issue of NVIDIA's H20 AI chips. Professional人士 believe that functions like "tracking and positioning" and "remote shutdown" can be technically achieved [3] - In July 2025, the national consumer price index (CPI) was flat year - on - year. The average CPI for the first seven months of 2025 was 0.1% lower than the same period last year [3] - Greentown China (03900.HK) issued a profit warning, expecting its profit for the six months ended June to decline by about 90% compared to the same period in 2024, mainly due to uneven delivery rhythm and asset impairment losses [3] - HKT (00215.HK) reported its interim results for the six months ended June. Its turnover was HK$2.216 billion, up 7.7% year - on - year. It turned a profit of HK$6 million, compared to a loss of HK$12 million in the same period last year, and declared an interim dividend of 2.28 HK cents per share [4]

Company Recommendations - The report recommends buying shares of 高偉電子 (1415) at a current price of 29.86 HKD, with a short-term target price of 34.10 HKD, indicating a potential upside of 17.6% [7][9] - The company is expected to enter the rear camera module business in the second half of 2024, which is anticipated to drive revenue and profit growth in the first half of 2025, potentially leading to an earnings surprise [9] - The management's outlook on products in the smart driving and robotics sectors is also seen as a potential catalyst for growth [9] Valuation Insights - The current price corresponds to a forecasted P/E ratio of 17.6x for FY25E and 13.3x for FY26E, with FY26E valuation being 30% lower than the 5-year average [9] - The market expects a compound annual growth rate of 29.8% in revenue and 38.6% in net profit from FY24 to FY27E [9] Market Overview - The Hang Seng Index has shown resilience, recovering above the 10-day and 20-day moving averages, closing at 25,081 points with a trading volume of 245.7 billion HKD [5] - The report notes that the overall market sentiment remains positive, with active trading across different sectors despite limited improvement in corporate earnings [5][6] Macro Focus - China's exports in July increased by 7.2%, surpassing expectations, although exports to the U.S. fell by 21.7%, indicating potential challenges ahead [10] - The People's Bank of China is expected to continue implementing liquidity measures to maintain a stable financial environment, including a recent 700 billion RMB reverse repurchase operation [10] Industry Developments - The report highlights the upcoming World Robot Conference and the anticipated launch of Apple's iPhone 17, which may impact the mobile device sector [6] - Companies like 中芯 (0981) and 華虹 (1347) have reported mixed earnings, with 中芯's quarterly profit down by 19.5% and 華虹's profit growth falling short of expectations [11]

Investment & Financial Analysis - TSMC's official investment in the US is $165 billion, while Trump initially mentioned $200 billion, and later increased it to $300 billion [1] - Market rumors suggested that during tariff negotiations, the US requested TSMC to invest an additional $400 billion or acquire 49% of Intel [2] - If the market rumors were true, TSMC's total investment in the US would reach $565 billion, significantly higher than Trump's $300 billion, indicating the rumors are likely false [3] Government & Policy Impact - Trump's increased investment figure from TSMC could be a prelude to upcoming semiconductor tariffs, aligning with his strategy of "proposing a very high number first, then negotiating down" [1] - The US government might unilaterally make statements or directly engage with TSMC if needed, regardless of formal negotiations [2] - Some within the US government previously considered TSMC's investment as a potential solution to revitalize Intel, but this idea has diminished with a better understanding of Intel's challenges and the appointment of its new CEO [4]

Report Summary 1. Market Performance - Hong Kong stocks rose with the Hang Seng Index up 169 points or 0.7% to 24,902, the Hang Seng China Enterprises Index up 57 points or 0.65% to 8,951, and the Hang Seng Tech Index up 39 points or 0.7% to 5,521. The total turnover was HK$229.399 billion [1]. - A - shares advanced with the Shanghai Composite Index up 34 points or 1% to 3,617, the Shenzhen Component Index up 65 points or 0.6% to 11,106, and the ChiNext Index up 9 points or 0.4% to 2,343. The turnovers were RMB656.4 billion, RMB939.7 billion, and RMB475.6 billion respectively [2]. - US stocks fell with the Dow Jones Industrial Average down 61 points or 0.1% to 44,111, the S&P 500 Index down 30 points or 0.5% to 6,299, and the Nasdaq Composite down 137 points or 0.7% to 20,916 [2]. 2. Policy and Economic Data - The People's Bank of China conducted RMB160.7 billion of seven - day reverse repurchase operations on the 5th, with an operating rate unchanged at 1.4%. There were RMB449.2 billion of reverse repurchases maturing, resulting in a net withdrawal of RMB288.5 billion. The central parity rate of the RMB against the US dollar was raised by 29 points to 7.1366 [2]. - China's July S&P Global Services PMI rose to 52.6, while the Composite PMI fell to 50.8 [2]. - The US July ISM Services Index was worse than expected, increasing concerns about stagflation [2]. 3. Trade - related Statements - US President Trump said that the EU's commitment to invest $600 billion in the US in the US - EU trade agreement was one reason for him to lower the tariff on EU goods to 15%. If the condition was not met, the tariff on EU goods would be 35% [3]. - Trump also said that the US would announce tariffs on semiconductor and pharmaceutical imports in about a week. The initial tariff rate for pharmaceuticals would be low, rising to 150% within a year and a half and eventually to 250%. Semiconductor and chip tariff measures would be in another category [4]. 4. Company - specific News - Li Xiang, CEO of Li Auto - W (02015.HK) (LI.US), revealed that the small - order users of Li i8 exceeded 30,000 [4]. - Yum China (09987.HK) reported its six - month interim results as of June. The total revenue was $5.768 billion, up 2.3% year - on - year. The net profit was $507 million, up 1.6%, with an earnings per share of $1.36 and a dividend per share of 24 cents [4]. - Hon Hai Precision Industry, a major server assembly partner of Nvidia (NVDA.US), saw its July sales growth slow down. Its July sales increased 7.25% year - on - year to NT$613.8 billion (about $20.5 billion), the lowest increase since January [4]. - The interim results of The Link REIT (00778.HK) as of the end of June showed that the distributable income was HK$377 million, up 2.1% year - on - year. The interim distribution per fund unit was 18.41 cents, up 1% from the previous year. The annualized distribution yield per fund unit was 7.7% based on the closing price on June 30 [5].

Group 1 - Semiconductor sector shows strong performance, with Hua Hong Semiconductor (01347) stock price rising 7.12% to HKD 42.24, and trading volume exceeding HKD 1.846 billion, indicating continued capital inflow [1] - Technical indicators are positive, with RSI rising to 66, approaching overbought territory, and MACD along with Bollinger Bands signaling buy opportunities, confirming a medium-term upward trend [1] - Key resistance level has been broken at HKD 40.15 (MA10), with the next target set at HKD 43.1, while strong support is established at HKD 38.1 and stronger support at HKD 36.2 [1] Group 2 - Recent derivatives performance shows significant gains, with Morgan Stanley's bull certificate recording an 11% increase and UBS's bull certificate up by 12% during Hua Hong's 2.71% rise on July 31 [3] - The call option 15560 has the lowest implied volatility and an exercise price of HKD 42.5, suitable for bullish investors, while the UBS bull certificate 61278 has a 53.85% increase and a leverage of 5.26 times [6] - For bearish investors, Morgan Stanley's bear certificate 62489 offers a leverage of 5 times with a redemption price of HKD 48 [6]

Group 1 - The Hang Seng Index shows mixed signals with a neutral summary, indicating no clear direction, with resistance at 25,230 and support at 24,100 [1] - Investors in Hua Hong Semiconductor are optimistic about a potential rise to 50, needing to break resistance at 44.1 and 48.3 [3] - Kingdee International's stock price closed at 18.82, indicating a buy signal with resistance at 19.7 and potential to reach 21.4 [6][7] - Great Wall Motors has seen a rebound, closing at 13.36, with a buy signal and resistance at 13.8 and 14.4 [10][13] - Xiaomi Group's trading signal is a sell, with overall bearish sentiment and support at 52.7 and resistance at 56.9 [16] - XPeng Motors shows a neutral signal with no clear direction, suggesting caution before entering, with support levels at 70.1 and 68.6 [20]

Market Performance - The Hang Seng Index dropped 37 points or 0.1% to close at 25,524 points, the China Enterprises Index fell 31 points or 0.3% to end at 9,145 points, and the Hang Seng Tech Index declined 19 points or 0.3% to finish at 5,644 points. The total turnover of the market was HK$267.01 billion [1]. - The Shanghai Composite Index rose 11 points or 0.3% to close at 3,609 points, with a turnover of RMB793.6 billion; the Shenzhen Component Index increased 71 points or 0.6% to end at 11,289 points, with a turnover of nearly RMB1.01 trillion; the ChiNext Index climbed 44 points or 1.9% to finish at 2,406 points, with a turnover of RMB492.2 billion [1]. - The S&P 500 Index slightly closed lower by 18 points or 0.3% at 6,370 points, the Nasdaq Composite Index ended down 80 points or 0.4% at 21,098 points, and the Dow Jones Industrial Average closed 204 points or 0.5% lower at 44,632 points [2]. Macroeconomic News - The People's Bank of China conducted RMB449.2 billion of seven - day reverse repurchase operations on the 29th, with an operating rate unchanged at 1.4%. There were RMB214.8 billion of reverse repurchases due, resulting in a net injection of RMB234.4 billion. The central parity rate of the RMB against the US dollar was reported at 7.1511, down 44 points [1]. - The Monetary Authority of Singapore maintained its monetary policy unchanged, expecting economic growth to slow in the second half of the year, with the output level slightly below the economic potential, but core and overall inflation to remain between 0.5% - 1.5% [2]. - China and the US held a new round of economic and trade talks in Stockholm on the 29th. According to the consensus, both sides will continue to promote the extension of the suspended 24% US reciprocal tariffs and China's counter - measures [3]. - In the first half of this year, the total profit of national state - owned enterprises was RMB2.18 trillion, down 3.1% year - on - year; the total operating income was RMB40.75 trillion, down 0.2% year - on - year; and the tax payable was about RMB3 trillion, down 0.8% year - on - year [3]. - In June 2025, the import of passenger cars in the Chinese mainland was 41,000 units (including chassis), down 30.3% year - on - year and 9.1% month - on - month. In the first half of the year, the cumulative import of passenger cars was 221,000 units, down 32.1% year - on - year [3]. Company News - China Ruyi (00136.HK) issued a profit warning, expecting to turn losses into profits in the six - month period ended June 30, 2025, with an unaudited after - tax comprehensive net profit of about RMB1 - 1.2 billion, compared with a net loss of about RMB123 million in the same period last year. Revenue is expected to be between about RMB2.1 - 2.3 billion, up 14% - 25% from about RMB1.84 billion in 2024 [4]. - Huaneng Power International (00902.HK) announced its interim results for the six months ended June. Operating income was RMB112.032 billion, down 5.7% year - on - year. Net profit was RMB9.578 billion, up 23.2%, with earnings per share of 52 cents. No interim dividend was declared [4]. - Shanghai Fudan (01385.HK) issued a profit warning, expecting net profit for the six months ended June to be between RMB180 - 210 million, down 39.7% - 48.3% year - on - year; revenue to be between RMB1.82 - 1.85 billion, up 1.4% - 3.1% [4]. - Baosheng International (03813.HK) announced that it expects to record operating income of about RMB9.159 billion and profit attributable to the company's owners of about RMB188 million for the six months ended June 30, 2025, down about 8.3% and 44.1% respectively from the same period last year [4]. Trade - related News - US President Trump announced that India may face a 20% - 25% tariff if a trade agreement cannot be reached [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 InnoScience (Suzhou) Technology Holding Co., Ltd. 英 諾 賽 科（ 蘇 州 ）科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2577） 自願公告 與聯合電子成立氮化鎵技術聯合實驗室 本公告由英諾賽科（蘇州）科技股份有限公司（「本公司」）自願作出，旨在使本公司 股東及潛在投資者了解本公司最新業務發展情況。 本公司宣佈，於2025年7月29日，本公司與全球領先的汽車電子系統供應商聯合 汽車電子有限公司（「聯合電子」）成立聯合實驗室，通過利用氮化鎵(GaN)器件在 高功率密度、低導通電阻、高轉換效率和更小的產品尺寸等方面的優勢，合作開 發先進的新能源汽車電力電子系統。 股東及潛在投資者於買賣本公司證券時，務請審慎行事。 承董事會命 英諾賽科（蘇州）科技股份有限公司 董事長兼執行董事 Weiwei Luo博士 中國，20 ...